Date of Publication


Document Type

Bachelor's Thesis

Degree Name

Bachelor of Science in Accountancy

Subject Categories

Accounting | Finance and Financial Management


Ramon V. Del Rosario College of Business



Thesis Advisor

Mark Vincent B. Bendo

Defense Panel Chair

Rodiel C. Ferrer

Defense Panel Member

Jonathan P. Binaluyo
Jerwin B. Tubay


The ongoing COVID-19 pandemic has affected almost all aspects of life and it has shown the world unprecedented circumstances that everyone needed to adapt to. This research is a comparative study of publicly listed companies in the Philippines before and during the COVID-19 pandemic using financial ratios. The study analyzed the ratios among all listed companies and between essential and non-essential industries, classified as suggested by provisions from relevant government agencies. The identified financial ratios are the ones commonly used for financial analysis, these are the liquidity, solvency, profitability, activity, and marked-based financial ratios. The research analyzed if there exists a significant difference between the identified financial ratio before and during the COVID-19 pandemic by analyzing the data obtained using the Wilcoxon Signed-Rank test. The results indicate that liquidity ratios mostly had no significant difference for all companies including both essential and non-essential industries. The solvency ratios mostly had a significant increase particularly for the debt to equity ratio among all companies, together with essential and non-essential industries, while the interest coverage ratio had primarily a significant decrease. Profitability ratios mainly significantly decreased across all companies along with essential and non-essential industries, except for the gross profit margin which did not have a significant difference. With regards to activity ratios, the listed companies as a whole had a significant decrease in all three quarters. Among essential and non-essential industries, the majority had significant decreases in all three quarters of the study. Lastly, the market-based financial ratio significantly decreased during the first two quarters among all companies overall, as well as in the perspective of essential and non-essential industries.

Abstract Format




Physical Description

xii, 344 leaves


Ratio analysis—Philippines; COVID-19 Pandemic, 2020—-Influence

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